Park Electrochemical Corp (NYSE:PKE), the aerospace company, saw its revenue beat Wall Street’s estimates in the 2019 fiscal third quarter and its net earnings climb more than six-fold in the period on the strength of its aerospace manufacturing business.
For the three months ended on November 25, Park posted net sales from continuing operations, which refers to its aerospace business, of $12.85 million compared with net sales of $10.23 million in the year-ago quarter. The results came in ahead of the projections of Wall Street analysts who had expected the company to see revenue of $12.25 million. No consensus earnings per share figures were available, according to Yahoo Finance.
Sale of electronics business completed on December 4
Park’s net earnings from continuing operations in its latest quarter came to $2.08 million, up from $344,000 in the year-ago 2018 fiscal third quarter.
Park completed the sale of its electronics business to AGC Inc on December 4 to focus its efforts on its aerospace business.
Based in Melville, New York, Park manufactures solution and hot-melt advanced composite materials to produce composite structures for the aerospace markets. Its advanced composite materials are used to manufacture primary and secondary structures for jet engines, transport and military aircraft, drones and business jets. Park also offers specialty materials for rocket motors and nozzles as well as specially designed materials for radome applications.
Park posted basic and diluted earnings per share from continuing operations of $0.10 per share for the 2019 fiscal year third quarter compared to $0.02 for the 2018 fiscal year third quarter and $0.09 for the 2019 fiscal year second quarter.
As part of its quarterly update, Park also announced a cash dividend of $4.25 per share payable on February 26 to shareholders of record at the close of business on February 5.
Park shares held steady at $18.37 in Thursday’s pre-market session after closing up 1.9% to hit $18.42 on Wednesday.
Contact Ellen Kelleher at [email protected]